Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 1.09% against the USD and closed at 1090.60, as a renewed weakness in US retail sales and industrial production data raised doubts about a rate hike by the Fed again in March. Meanwhile, worries over a global economic slowdown continue to support the demand for the safe-haven asset.
In the Asian session, at GMT0400, the pair is trading at 1091.6, with the gold trading 0.09% higher from Friday’s close.
The pair is expected to find support at 1081.37, and a fall through could take it to the next support level of 1071.13. The pair is expected to find its first resistance at 1099.67, and a rise through could take it to the next resistance level of 1107.73.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
